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The research reports excerpted here were issued recently by investment and research firms. Many may be obtained through Thomson Reuters at www.thomson.com/financial or 800-638-8241. Some are available in the company-research area of WSJ.com, or through Factiva.com. Some of the reports' issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.

Amgenamgn -2.7114208332065366%Amgen Inc.U.S.: NasdaqUSD159.85
-4.455-2.7114208332065366%
/Date(1427835600133-0500)/
Volume (Delayed 15m)
:
2920089AFTER HOURSUSD163.341
3.491000000000012.183922427275571%
Volume (Delayed 15m)
:
189311
P/E Ratio
23.5419734904271Market Cap
124684654817.607
Dividend Yield
1.9768532999687207% Rev. per Employee
1119270More quote details and news »amgninYour ValueYour ChangeShort position
• AMGN-Nasdaq Outperform • Price 67 on Nov. 21 by Robert W. Baird & Co. Three legacy franchises provide solid revenue underpinnings for Amgen: Aranesp/Epogen, for anemia, Neulasta/Neupogen, for neutropenia, and Enbrel, for inflammatory diseases. Combined, these drugs contributed over $13 billion in sales to AMGN's top line in 2010.…[And, with the possibility of] a bone-metastasis-prevention label by early 2012, we continue to see blockbuster potential for AMGN's bone-health franchise. On a price/earnings basis, relative to its big-cap, profitable, biotech peer group, AMGN trades at a discount relative to consensus earnings-per-share estimates for 2011. However, we believe AMGN deserves to trade at a discount to the group, due to competitive concerns regarding its anemia business… AMGN's big-cap peers trade on average at a price/earnings ratio between 10 times and 20 times current-year consensus EPS. Since AMGN is a mature company, with the questions surrounding the anemia franchise, we apply a 12 multiple to our 2012 EPS estimate of $5.67, discounted back by 15% per year, to arrive at our 67 target. Market cap: $50.3 billion.

Brunswickbc -0.9052388289676425%Brunswick Corp.U.S.: NYSEUSD51.45
-0.47-0.9052388289676425%
/Date(1427835655525-0500)/
Volume (Delayed 15m)
:
1061592AFTER HOURSUSD51.45
%
Volume (Delayed 15m)
:
22172
P/E Ratio
24.941826643397324Market Cap
4822692923.79089
Dividend Yield
0.9718172983479106% Rev. per Employee
315553More quote details and news »bcinYour ValueYour ChangeShort position
• BC-NYSE Buy • Price 16.57 on Nov. 21 by B. Riley & Co. Brunswick controls several best-in-class assets that should allow it to grow faster than its end markets, while driving exceptional returns. The company [which makes marine, fitness, bowling, and billiards equipment] has revolutionized much of its core marine businesses over the past several years, emerging from the marine-industry depression with a leaner, more agile business model. In sum, we believe that the seasoned management team has positioned Brunswick to disproportionately benefit from recovering end markets, while stripping out enough costs and adding enough durable revenue to sufficiently buoy the company during future cyclical troughs. Our investment thesis was generally reinforced during our recent meeting with management…We continue to see growth in the marine businesses despite a sluggish industry backdrop. Management was particularly upbeat about the trends in outboard-boat sales, which could approach prerecession levels in the next three to five years. Such a recovery would be materially above our model. The high-margin fitness segment has considerable runway for growth.…We have made several adjustments to our model. Our 4Q11 EPS is up one cent, but our EPS estimates in future periods are slightly lower, due to lower operating leverage in the marine businesses, and slightly lower debt-repurchase assumptions. We have also significantly increased our capital-expend-iture expectations for 2012-13, as it appears that the company has a wealth of high-ROIC [return on invested capital]…projects on its radar. Our price target remains unchanged, at 41. We apply 16 times EPS and 7.2 times Ebitda [earnings before interest, taxes, depreciation and amortization] multiples (unchanged) to our 2014 estimates and discount the results back to year-end 2012 at a rate of 15%. Market cap: $1.5 billion.

Green Dotgdot -0.6242197253433208%Green Dot Corp. Cl AU.S.: NYSEUSD15.92
-0.1-0.6242197253433208%
/Date(1427835964446-0500)/
Volume (Delayed 15m)
:
398469AFTER HOURSUSD15.92
%
Volume (Delayed 15m)
:
5297
P/E Ratio
16.93617021276596Market Cap
819358941.946106
Dividend Yield
N/ARev. per Employee
701928More quote details and news »gdotinYour ValueYour ChangeShort position
• GDOT-Nasdaq Outperform • Price 30.19 on Nov. 25 by Wedbush Research We believe [prepaid debit-card issuer] Green Dot will continue its impressive growth as it leads the rapidly evolving reloadable prepaid category. Green Dot's results are on track for 25%-plus long-term growth, regulatory risks are under control, and no meaningful new competitor is affecting its markets. We believe last week's bank-acquisition approval by the Fed [for Green Dot to buy the small, Provo, Utah-based Bonneville Bancorp] cements Green Dot as the most important low-end disruptor in consumer financial services. We believe Green Dot can now introduce new products that its competitors cannot.... Counterparty risk [is reduced]. We believe that with a captive issuer Green Dot can avoid the type of disruption that NetSpend suffered from Metabank. Accretion could be as high as 13 cents within a couple of years. The gradual nature of the accretion is a result of the seven-month average life of existing consumers and Wal-Mart's arrangements with GE Money. We do not expect any additional costs for Green Dot, since the bank it has purchased was already [at] breakeven and it has already staffed up for this outcome. Green Dot will maintain 15% Tier 1 leverage ratio and withhold dividends for three years. The fourth quarter may represent an inflection point...We are reiterating our Outperform and 66 price target. Our target reflects a 32 times multiple on our 2012 estimate. Market cap: $1.3 billion.

Prudential Financialpru -0.07465472191116088%Prudential Financial Inc.U.S.: NYSEUSD80.31
-0.06-0.07465472191116088%
/Date(1427835927436-0500)/
Volume (Delayed 15m)
:
2234323AFTER HOURSUSD79.4262
-0.883800000000008-1.1004856182293612%
Volume (Delayed 15m)
:
41766
P/E Ratio
27.143677966674552Market Cap
36502768562.2119
Dividend Yield
2.8888058772257503% Rev. per Employee
1211330More quote details and news »pruinYour ValueYour ChangeShort position
• PRU-NYSE Outperform • Price 46.95 on Nov. 25 by KBW For 2012, we're more conservative on asset management and corporate segment results. We're also a bit more conservative on capital management; we're assuming $250 million in 4Q11 [share] repurchases, down from $400 million (this affects primarily 2012, rather than 4Q11). We're assuming $1.5 billion over the course of 2012. [Prudential announced earlier this year that it is instituting a share-repurchase program and has authorized the repurchase of up to $1.5 billion of its outstanding Common Stock through June 30, 2012, under the program.] Our repurchase scenarios essentially imply that PRU deploys excess capital generation into repurchases...PRU and other life companies have struck a somewhat more cautious tone in recent weeks, as they observe market volatility and European uncertainty. These changes impact our 2012 estimate by 19 cents, and, in addition, we are applying an estimated DAC [deferred-acquisition-cost] accounting impact of 50 cents As a result, our 2012 estimate goes to $6.95 from $7.64. Our new estimate falls just beyond the high end of PRU's guidance range of $6.50 to $6.90. Risks to target include interest-rate, equity market and credit risk, competition within all business segments, adverse mortality/claims rate...economic conditions, international market exposure...future acquisitions and unfavorable legislation. Market cap: $21 billion.

Research in Motion
• RIMM-Nasdaq Market Underperform • Price 18.19 on Nov. 21 by JMP Securities We are reducing estimates and downgrading Research in Motion to Market Underperform…following our review of its smartphone positioning into the approaching holiday season. Key factors in our more cautious thinking: a more competitive smartphone landscape at the low end, where Android devices are reaching half or less the cost of its entry-level Curve pricing; a more competitive landscape in India, where the cost of…an iPhone 3GS has been reduced, and the iPhone 4S came available for preorder recently; and the lagging pace of BlackBerry innovation and execution, which leaves us doubting that the company can bring its converged BBX operating system and less buggy/more attractive BlackBerry devices to market in a timely manner in calendar '12. We're reducing our fiscal-year '13 GAAP [generally accepted accounting principles] EPS estimate from $4.10 to $2.80 (Street $4.68)…and establishing a 12 price target that equates to about one time tangible book. Market cap: $9.8 billion.